California Government Code

§ 31778.1

GOV § 31778.1 Effective Jan 1, 2004Div. 4 · Title 3 · Part 3 · Ch. 3 · Art. 11.5

Statute text

A member who makes the election described in Section 31778 shall receive a one-time lump-sum payment upon retirement in an amount as calculated below.

(a)A participant’s program account shall be credited with an amount equal to the retirement allowance the member would have received if the member had retired on the deferred retirement calculation date and had selected an unmodified allowance.

(b)The cost-of-living adjustments that would have been applicable during that period shall be included, applying the deferred retirement calculation date as the base year for the adjustment.

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Legislative history

Added by Stats. 2003, Ch. 897, Sec. 1. Effective January 1, 2004.